百事 (PEP) 2022 Q2 法說會逐字稿

Good morning, and welcome to PepsiCo's 2022 Second Quarter Earnings Question-and-Answer session. (Operator Instructions) Today's call is being recorded and will be archived at www.pepsico.com.

早上好，歡迎來到百事公司 2022 年第二季度收益問答環節。 （操作員說明）今天的電話正在錄音，並將存檔在 www.pepsico.com。

It is now my pleasure to introduce Mr. Ravi Pamnani, Senior Vice President of Investor Relations. Mr. Pamnani, you may begin.

現在我很高興介紹投資者關係高級副總裁 Ravi Pamnani 先生。 Pamnani 先生，您可以開始了。

Thank you, operator. I hope everyone has had the chance this morning to review our press release and prepared remarks, both of which are available on our website. Before we begin, please take note of our cautionary statement. We may make forward-looking statements on today's call, including about our business plans, updated 2022 organic revenue guidance and the potential impact of both the COVID-19 pandemic and the deadly conflict in Ukraine on our business.

謝謝你，接線員。我希望每個人今天早上都有機會查看我們的新聞稿和準備好的評論，這兩者都可以在我們的網站上找到。在我們開始之前，請注意我們的警告聲明。我們可能會在今天的電話會議上發表前瞻性陳述，包括我們的業務計劃、更新的 2022 年有機收入指導以及 COVID-19 大流行和烏克蘭致命衝突對我們業務的潛在影響。

Forward-looking statements inherently involve risks and uncertainties and only reflect our views as of today, July 12, 2022, and we are under no obligation to update. When discussing our results, we refer to non-GAAP measures, which exclude certain items from reported results. Please refer to our second quarter 2022 earnings release and second quarter 2022 Form 10-Q available on pepsico.com for definitions and reconciliations of non-GAAP measures and additional information regarding our results, including a discussion of factors that could cause actual results to materially differ from forward-looking statements.

前瞻性陳述固有地涉及風險和不確定性，僅反映我們截至今天（2022 年 7 月 12 日）的觀點，我們沒有義務更新。在討論我們的結果時，我們指的是非 GAAP 措施，這些措施將某些項目排除在報告的結果之外。請參閱我們在 pepsico.com 上獲得的 2022 年第二季度收益發布和 2022 年第二季度表格 10-Q，了解非公認會計原則措施的定義和調節以及有關我們結果的其他信息，包括對可能導致實際結果顯著影響的因素的討論不同於前瞻性陳述。

Joining me today are PepsiCo's Chairman and CEO, Ramon Laguarta; and PepsiCo's Vice Chairman and CFO, Hugh Johnston.

今天加入我的是百事可樂的董事長兼首席執行官 Ramon Laguarta；和百事可樂的副主席兼首席財務官休約翰斯頓。

(Operator Instructions) And with that, I will turn it over to the operator for the first question.

（操作員說明）然後，我將把它交給操作員回答第一個問題。

(Operator Instructions) Our first question comes from Lauren Lieberman with Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的 Lauren Lieberman。

Such strong numbers across the board. I was curious if we could talk a little bit about the convenience and gas channels in the U.S. I know that you've noted on one hand, consumers are making more frequent trips to get gas allows for more opportunities to go in and buy a snack or a drink. But on the other hand, they're spending a boatload of money to fill up their tank or to the degree they're filling it up, so the counter could be less extra money to spend when they go into the store.

如此強勁的數字。我很好奇我們能否談談美國的便利和加油渠道或飲料。但另一方面，他們要花一大筆錢來裝滿油箱或裝滿油箱，所以當他們進入商店時，櫃檯可以花更少的錢。

So I was just curious if you could talk about what it is that you're seeing currently? I know C&G has been an area of incremental investment for you in the last couple of months, particularly on the Frito side. And just an update on, I guess, yield from those investments and what you're seeing in terms of consumer purchasing behavior.

所以我很好奇你能不能談談你現在看到的是什麼？我知道在過去的幾個月裡，C&G 一直是您增加投資的一個領域，尤其是在 Frito 方面。我想，這只是這些投資的收益以及您在消費者購買行為方面所看到的最新情況。

Lauren, yes, listen, these are important channels that you're saying, and we've been investing in the U.S. and other parts of the world in this impulse channel. The trends are quite stable from what we've seen since Q4. And as the gasoline price went up, the consumption on beverages and snacks in that particular channel has been pretty stable. A bit less volume, a bit more price as we -- second quarter versus first quarter. But overall, sales has remained stable, high single digit, a bit of a difference between beverages and snacks. Snacks a bit higher than beverages, but stable. And that has continued into the last few weeks.

勞倫，是的，聽著，這些是你所說的重要渠道，我們一直在這個衝動渠道中投資美國和世界其他地區。從我們自第四季度以來看到的趨勢來看，趨勢相當穩定。而隨著汽油價格的上漲，該特定渠道的飲料和零食消費一直相當穩定。數量少一點，價格多一點——第二季度與第一季度相比。但總體來說，銷量一直保持穩定，高個位數，飲料和零食有點差距。零食比飲料高一點，但穩定。這種情況一直持續到最近幾週。

So we don't see any meaningful consumer behavioral change as gas prices go up. Obviously, we're watching this channel very carefully as an indicator of potential consumer behavioral change. But so far, high incidents in our categories, yes.

因此，隨著汽油價格的上漲，我們沒有看到任何有意義的消費者行為變化。顯然，我們正在非常仔細地觀察這個頻道，作為潛在消費者行為變化的指標。但到目前為止，我們類別中的高事件，是的。

Our next question comes from Dara Mohsenian with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Dara Mohsenian。

I just want to talk a bit about pricing relative to costs. Obviously, another quarter of very exceptionally strong pricing in Q2. Ramon, are you hearing any pushback from the retailer trade that's different than normal? It's been a topic of discussion more in CPG in general. So just curious for your views on retailer pushback and ability to continue to take pricing going forward, including what that might mean for the fall.

我只想談談相對於成本的定價。顯然，第二季度的另一個季度非常強勁的定價。拉蒙，您是否聽到來自零售商貿易的任何與正常情況不同的阻力？一般而言，這一直是 CPG 中更多討論的話題。所以只是好奇你對零售商的抵制和繼續定價的能力的看法，包括這對秋季可能意味著什麼。

And then Hugh, can you just give us an update on the cost outlook for 2022? And given hedging, how much hedging do you have in place? Does that sort of create a hangover for '23? I know you won't guide for '23, but just how you think about the pricing versus cost gap for '23 based on where we stand today might be helpful at least conceptually.

然後休，你能給我們介紹一下 2022 年的成本展望嗎？考慮到對沖，你有多少對沖？那會不會給 23 年帶來宿醉？我知道您不會為 23 年提供指導，但您如何根據我們今天的立場來考慮 23 年的定價與成本差距可能至少在概念上有所幫助。

Yes. Dara, yes, obviously, our past partners and ourselves, we're looking at consumers very carefully and the evolution of their decision when it comes to the overall basket or particular categories. So normally, we have pretty positive conversations with our partners, and we're looking at how do we continue to keep our consumers in our categories as we obviously have to pass some of these costs to the consumer, how do we do it in a way that that's an impact volume and it continues to generate growth for them and growth for us. And those are the type of conversations we're having.

是的。 Dara，是的，很明顯，我們過去的合作夥伴和我們自己，我們都非常仔細地研究消費者以及他們在整個購物籃或特定類別方面的決定的演變。因此，通常情況下，我們與合作夥伴進行了非常積極的對話，我們正在研究如何繼續讓我們的消費者留在我們的類別中，因為我們顯然必須將其中一些成本轉嫁給消費者，我們如何在這樣一來，這是一個影響量，它繼續為他們和我們帶來增長。這些就是我們正在進行的對話類型。

Obviously, we're all concerned in a way about the high inflation and how that's going to impact. Especially as we look at the full consumer universe, the lower part of the income pyramid, that's where we're all looking more carefully. And we're making decisions on entry point in the categories and how do we continue to have that particular consumer engaged in our categories.

顯然，我們都在某種程度上擔心高通脹以及這將如何產生影響。尤其是當我們看到完整的消費者世界，收入金字塔的較低部分時，我們都在更仔細地觀察。我們正在決定類別的切入點，以及我們如何繼續讓特定消費者參與我們的類別。

The conversations are always -- there's always tensions in those conversations. There will continue to be tensions. But in general, they're very positive conversations, the ones we have because we play a role and that's our strategic intent to be growth drivers for our partners, and we go through these conversations very transparently and very positively to generate growth and additional margin for our customers. So that's the way the situation is and will continue the balance of the year and into -- as we start thinking about the plans for next year.

對話總是——這些對話中總是存在緊張氣氛。緊張局勢將繼續存在。但總的來說，它們是非常積極的對話，我們之所以擁有這些對話，是因為我們發揮了作用，這是我們成為合作夥伴增長動力的戰略意圖，我們非常透明和非常積極地進行這些對話，以產生增長和額外利潤為我們的客戶。所以這就是情況的方式，並將繼續今年的平衡並進入 - 當我們開始考慮明年的計劃時。

Right. Dara, in terms of cost, as you know, our first focus whenever we're faced with inflation is to try to drive incremental productivity on our internal costs. And I think we've been doing a pretty good job of that. I mean we've seen this year some of the strongest productivity we've seen in a number of years. That puts us in a relatively better position when we're faced with commodity inflation because we're not necessarily forced to price it all through. We can take a more consumer-centric approach to dealing with the inflation and the subsequent pricing.

正確的。達拉，就成本而言，正如你所知，每當我們面臨通貨膨脹時，我們的首要關注點是努力提高內部成本的生產力。我認為我們在這方面做得很好。我的意思是，我們今年看到了多年來我們看到的一些最強大的生產力。當我們面臨商品通脹時，這使我們處於相對更好的位置，因為我們不一定被迫全部定價。我們可以採取更加以消費者為中心的方法來處理通貨膨脹和隨後的定價。

Balance of the year inflation is higher than it is for the first half of the year. I think we've mentioned in the past, we're in the teens in terms of commodity inflation. That will continue, but a little bit higher in the back half. But we do expect stronger productivity in the back half as well. So I think from an overall cost outlook, our guidance certainly captures all of that, and I think it puts us in a position where we've got high confidence in delivering the year.

年結餘通脹高於上半年。我想我們過去曾提到過，就商品通脹而言，我們還處於青少年時期。這將繼續，但在後半部分會更高一些。但我們確實預計後半部分的生產力也會更高。因此，我認為從整體成本前景來看，我們的指導肯定涵蓋了所有這些，而且我認為它使我們處於對實現這一年充滿信心的位置。

Our next question comes from Andrea Teixeira with JPMorgan.

我們的下一個問題來自摩根大通的 Andrea Teixeira。

So the market share gains you alluded to in PBNA and -- not PBNA, sorry, in snacks, and in general, we've been pretty positive. And I know it has been a narrative that there's some service level issues in both cases and especially in North America. I'm wondering if you can comment on that.

因此，您在 PBNA 中提到的市場份額增長——不是 PBNA，抱歉，在零食中，總的來說，我們一直非常積極。而且我知道在這兩種情況下，尤其是在北美，都存在一些服務水平問題。我想知道你是否可以對此發表評論。

And then separately on LatAm, and I think you mentioned Ramon and Hugh, in terms of like balancing what you just said, inflation getting worse. And of course, Latin America has been extremely resilient for a region that has obviously a lot of pressure on gas prices as well.

然後分別在拉丁美洲，我認為你提到了拉蒙和休，就像平衡你剛才所說的那樣，通貨膨脹變得更糟。當然，對於一個對天然氣價格顯然也有很大壓力的地區來說，拉丁美洲一直非常有彈性。

So I wonder if you can comment on where the strength is coming from? If you're getting more space in the big box? Is it also bodeguero es atacado or anything like that, that gives you comfort that you continue to gain share from a very organic basis and despite the pricing? And if you can comment again on the service levels in the U.S.

所以我想知道你是否可以評論一下力量來自哪裡？如果你在大盒子裡有更多的空間？是否也是 bodeguero es atacado 或類似的東西，讓您感到欣慰的是，您繼續從非常有機的基礎上獲得份額並且儘管定價？如果您可以再次評論美國的服務水平

Great. Okay. Thank you, Andrea. I'll talk about share in a minute. But if you think about our role and you're referring to snacks in your questions mostly, but that you can apply these to beverages. Our #1 responsibility as a large player in both snacks and beverages is to make sure the category grows and continues to grow in any circumstance, either economic, positive economic or negative economic, high inflation, low inflation. That is our main responsibility because that's the health of the business really.

偉大的。好的。謝謝你，安德里亞。一會兒我會談到分享。但是，如果您考慮我們的角色，並且您在問題中主要指的是零食，那麼您可以將它們應用於飲料。作為零食和飲料的大型參與者，我們的第一責任是確保該類別在任何情況下都增長並繼續增長，無論是經濟、積極的經濟還是消極的經濟、高通脹、低通脹。這是我們的主要責任，因為這確實是企業的健康。

So everything we're doing in our commercial plans in the U.S., outside of the U.S. is make sure that we have strong brand programs, channel programs, execution programs, innovation programs that continue to make our category preferred over other categories, and we're seeing that. And that's the main reason why when you see the growth that we're delivering and the low elasticities we're having in many countries around the world, that is the main reason. We're continuing to have very strong commercial programs that continue to attract consumers to our categories because of innovation, because of execution and great brand program.

因此，我們在美國和美國以外的商業計劃中所做的一切都是確保我們擁有強大的品牌計劃、渠道計劃、執行計劃、創新計劃，這些計劃繼續使我們的品類比其他品類更受歡迎，而且我們看到了。這就是為什麼當你看到我們正在實現的增長以及我們在世界上許多國家擁有的低彈性時，這就是主要原因。我們繼續擁有非常強大的商業計劃，由於創新、執行和出色的品牌計劃，這些計劃繼續吸引消費者加入我們的類別。

Now having said that, on the share front, we're also seeing gains across many countries around the world. That has been a consequence of the investments we've been making in the brands for now -- several years. We've strengthened our go-to-market capabilities, our digital capabilities. Our brands are looking more modern and more engaging for consumers. Our innovation is great. So I think those are the combinations.

話雖如此，在份額方面，我們也看到了全球許多國家的收益。這是我們現在——幾年來一直在品牌上進行投資的結果。我們加強了進入市場的能力，我們的數字能力。我們的品牌看起來更現代，更吸引消費者。我們的創新很棒。所以我認為這些是組合。

Your question on Latin America, we're seeing -- and I think it relates to the amount of transfers, the money transfers that are coming from the U.S. into Latin America. We're seeing that number really high as a consequence of the high employment in the U.S. and the higher salaries. We're seeing that money being transferred to a lot of the economies in LatAm, and that's helping a lot of disposable income in those countries. And we're seeing, to our surprise really, from the beginning of the year, very low elasticity. It's actually positive elasticities even though, obviously, we're passing price to the consumer in those markets in intelligent ways and in ways that consumers will feel less pressure on.

你關於拉丁美洲的問題，我們看到了——我認為這與轉賬金額有關，即從美國到拉丁美洲的資金轉賬。由於美國的高就業率和更高的工資，我們看到這個數字非常高。我們看到資金被轉移到拉丁美洲的許多經濟體，這有助於這些國家的大量可支配收入。令我們驚訝的是，從今年年初開始，彈性非常低。它實際上是正彈性，儘管很明顯，我們正在以智能的方式將價格傳遞給這些市場的消費者，並且消費者會感受到較小的壓力。

But I think disposable income in LatAm is above what it was in the past, a consequence of developed economies doing very well and money going into LatAm and the consumer is feeling good in Latin America. Also, post-COVID we're seeing behaviors of social expansion, if you want. So consumers coming out of the houses, consumers having more fun externally in LatAm and in many parts of the world. That tends to drive higher consumption of categories because people get together and have fun and we are part of fun experiences normally. So that's how we're seeing the trends in our categories.

但我認為拉美的可支配收入高於過去，這是發達經濟體表現非常好的結果，資金流入拉美，拉丁美洲的消費者感覺良好。此外，如果您願意的話，在 COVID 之後，我們會看到社會擴張的行為。所以消費者走出家門，消費者在拉美和世界許多地方享受更多的外部樂趣。這往往會推動更高的類別消費，因為人們聚在一起玩得很開心，我們通常是有趣體驗的一部分。這就是我們如何看待我們類別的趨勢。

Our next question comes from Bryan Spillane with Bank of America.

我們的下一個問題來自美國銀行的 Bryan Spillane。

All right. Maybe, Hugh, if you could just talk a little bit about maybe headwinds, tailwinds in the back half of the year. And I guess it's in the context of you raised organic sales guidance this morning, but kept the EPS basically the same. So is that a function of concerns about costs? I know you mentioned some of that in response to Dara's question, foreign exchange, just volatility in the world. Just kind of how you think about the -- maybe how some of the risks or headwinds, tailwinds might have evolved as you look into the second half?

好的。也許，休，如果你能談談今年下半年的逆風，順風。我想這是在你今天早上提出有機銷售指導的背景下，但每股收益基本保持不變。那麼這是對成本的擔憂嗎？我知道你在回答 Dara 的問題時提到了其中的一些內容，外匯，只是世界的波動。只是你如何看待 - 也許一些風險或逆風，順風可能會在你展望下半年時如何演變？

Yes. Bryan, obviously, the first thing that we're thinking about these days is just the level of volatility in the world. And we do what we can to insulate ourselves against that volatility. We have 0 floating rate debt. So we've insulated ourselves against that. We forward buy on commodities. We insulate ourselves against that. We try to do as much as we can to create a predictable work environment so that we have -- we can manage our labor costs well.

是的。布萊恩，顯然，這些天我們考慮的第一件事就是世界的波動程度。我們盡我們所能使自己免受這種波動的影響。我們有 0 個浮動利率債務。所以我們已經將自己與它隔離開來。我們遠期買入商品。我們對此進行了自我隔離。我們盡我們所能創造一個可預測的工作環境，以便我們能夠很好地管理我們的勞動力成本。

But there's obviously macros that are out there that are more volatile than they were a few years ago. So as we sort of look at things, clearly, as I mentioned before, commodities is a bit higher in the back half than they are in the first half. That's incorporated into all of this.

但顯然有一些宏比幾年前更不穩定。所以當我們看東西時，很明顯，正如我之前提到的，後半部分的商品價格比前半部分要高一些。這融入了所有這一切。

We're still watching elasticity as closely. As Ramon just mentioned, elasticities are good right now. We don't plan for them to be as strong in the back half, and we'll see what happens with that. It's certainly hard to gauge because inflation is having so much impact on the consumer in so many ways.

我們仍在密切關注彈性。正如 Ramon 剛剛提到的，彈性現在很好。我們不打算讓他們在後半區變得如此強大，我們會看看會發生什麼。這當然很難衡量，因為通貨膨脹在很多方面對消費者產生瞭如此大的影響。

But as we looked at all of it and we're making choices around -- okay, as you know, we have -- we like to give you numbers that are highly deliverable. The choice that we made was based on the things I just mentioned, that we would raise the revenue guidance because we felt highly confident in that. And for EPS guidance, we've made a choice to hold right now based on some of the volatility and some of the variables that I had mentioned.

但是當我們審視所有這些並且我們正在做出選擇時 - 好吧，正如你所知，我們有 - 我們希望為您提供高度可交付的數字。我們做出的選擇是基於我剛才提到的，我們會提高收入指導，因為我們對此充滿信心。對於每股收益指導，我們根據我提到的一些波動性和一些變量，現在選擇持有。

Our next question comes from Bonnie Herzog with Goldman Sachs.

我們的下一個問題來自高盛的 Bonnie Herzog。

All right. Just a quick follow-up on, Hugh, just what you were discussing. Could you talk about if you are also planning to sort of reinvest or step up reinvestments into your business despite the cost inflation that you just called out in the second half? And I'm thinking about in the context of your very strong top line.

好的。只是對你正在討論的內容進行快速跟進，休。您能否談談您是否也計劃對您的業務進行再投資或加大對您的業務的再投資，儘管您剛剛在下半年呼籲成本膨脹？我正在考慮您非常強大的頂線。

And then I did want to ask about your revenue growth management in this environment. And how strong you think your capabilities are to ensure you have the right packages in both your beverage and salty-snack business to ensure you have affordable offerings, especially as we could see increasing pressures on the consumer?

然後我確實想問一下您在這種環境下的收入增長管理。您認為您的能力有多強，可以確保您在飲料和鹹味零食業務中都擁有合適的包裝，以確保您提供負擔得起的產品，尤其是在我們看到消費者面臨越來越大的壓力的情況下？

And then could you touch on your beverage business and how your ownership of your bottling operations might actually be a competitive advantage or not as it relates to this.

然後，您能否談談您的飲料業務，以及您對裝瓶業務的所有權實際上如何成為競爭優勢，或者與此相關。

Okay. Thanks, Bonnie. I think that was 3 questions, but we'll take a shot at it, 3 for 1. Number one, in terms of investment in the back half, we have some investment in the back half. It was planned for. The way that we're collectively trying to run the company is to build sustainable results over a long period of time. And that means you're constantly balancing, delivering the near term while making sure that you're building capability for next year and the year after that and the year after that.

好的。謝謝，邦妮。我認為這是 3 個問題，但我們會試一試，3 比 1。第一，在後半部分的投資方面，我們在後半部分有一些投資。這是計劃好的。我們共同努力經營公司的方式是在很長一段時間內建立可持續的成果。這意味著你要不斷平衡，在短期內交付，同時確保為明年、後年和後年建立能力。

So I think we have the right balance on that right now. And we'll see as the results come in whether we need to make adjustments to that. But we think we have the right balance to deliver the results this year and also make the investments to deliver the results for next year. On your second question regarding...

所以我認為我們現在在這方面取得了適當的平衡。我們將看到結果是否需要對此進行調整。但我們認為我們有適當的平衡來實現今年的成果，並進行投資以實現明年的成果。關於你關於...的第二個問題

Consumer value proposition.

消費者價值主張。

Consumer value, yes, yes. Listen, I think we actually are best positioned of just about anybody in the industry to do that for a couple of reasons. One, our portfolio is so broad, anywhere from premium products like Frappuccino to value products like Santitas. And because our supply chain, our distribution network enables us to shape the inventory in store by store. So for stores that need more value products, we can weight the inventory in that store towards that. For stores that premium products are going to turn better, we obviously have the ability to adjust inventory.

消費者價值，是的，是的。聽著，我認為我們實際上最適合業內任何人這樣做，原因有幾個。一，我們的產品組合非常廣泛，從星冰樂等優質產品到 Santitas 等價值產品。而且因為我們的供應鍊和分銷網絡使我們能夠逐店調整庫存。因此，對於需要更多價值產品的商店，我們可以對該商店的庫存進行加權。對於優質產品將變得更好的商店，我們顯然有能力調整庫存。

And the digital investments that we've been making in our route system actually make us even more and more capable of doing that. So I think compared to where we were 2 or 3 years ago, we're even sharper in terms of being able to deliver exactly the right inventory in store.

我們在路線系統中進行的數字化投資實際上使我們越來越有能力做到這一點。因此，我認為與 2 或 3 年前相比，我們在能夠準確交付店內庫存方面更加敏銳。

As for ownership of the beverage business, as I've talked about many times in the past, I think it is a significant competitive advantage for us. It's obviously more capital intensive, but I think it enables us to do things that it's difficult for our competitors to do. So we think we are 100% on the right strategy by owning it. And I think this environment is going to prove that more than it ever has before. So hopefully, that answered on A, B and C in terms of your questions.

至於飲料業務的所有權，正如我過去多次談到的那樣，我認為這對我們來說是一個重要的競爭優勢。這顯然是資本密集型的，但我認為它使我們能夠做到競爭對手難以做到的事情。因此，我們認為擁有它是 100% 的正確策略。而且我認為這種環境將比以往任何時候都證明這一點。所以希望，就您的問題而言，這回答了 A、B 和 C。

Yes. Especially Bonnie, I think on the second question, and the truth is that we've been investing on revenue management now for 4 or 5 years and has been in the developed markets but also in the developing markets to try to add to the -- to the old capabilities we had, which were more related to the ability to change product size or understand better the channels, to much more individual almost understanding of the consumer and what we can do to keep that consumer in our brand and different levels of pricing depending on obviously what that consumer prefers.

是的。尤其是邦妮，我想關於第二個問題，事實上，我們已經在收益管理上投資了 4 或 5 年，並且一直在發達市場和發展中市場嘗試增加——與我們擁有的舊能力有關，這些能力與改變產品尺寸或更好地了解渠道的能力有關，更多地了解消費者，以及我們可以做些什麼來讓消費者留在我們的品牌和不同的定價水平顯然取決於消費者喜歡什麼。

That link to our precision execution, as Hugh referred to, both in developed markets, but also in developing markets as well, where we reach normally very capital distribution. That gives us, I think, a unique advantage end-to-end from consumer insights to point-of-sale execution that is quite -- it's hard to match in the industry. And we're seeing that. We're seeing that in -- across the world.

正如 Hugh 所說，這與我們在發達市場以及發展中市場的精確執行有關，在這些市場中，我們通常會達到非常好的資本分配。我認為，這為我們提供了從消費者洞察到銷售點執行的端到端獨特優勢——這在業內很難匹敵。我們看到了這一點。我們在世界各地都看到了這一點。

So it's good investments that we're getting the return. And we're going to need more of it, obviously, as inflation keeps going up. And we're going to have to be super agile and very precise on the choices we make with the consumer.

所以我們得到回報是很好的投資。很明顯，隨著通貨膨脹持續上升，我們將需要更多。而且我們必須非常敏捷並且非常精確地與消費者一起做出選擇。

Our next question comes from Nik Modi with RBC.

我們的下一個問題來自 RBC 的 Nik Modi。

Ramon, I was wondering now with the decision on the bank distribution rights out, can you just update us on the energy drink strategy here? And what kind of financial implications should we expect as we think about, I guess, questions for you in terms of the beverage business over the course of the year now that I'm not sure if the distribution stops right away. Or do you still have some time left on the contract if it expires at the end of 2022.

拉蒙，我現在想知道關於銀行分銷權的決定，你能在這裡更新一下我們的能量飲料策略嗎？我想，在我們考慮飲料業務方面的問題時，我們應該期待什麼樣的財務影響，因為我不確定分銷是否會立即停止。或者如果合同在 2022 年底到期，你還有一些時間嗎？

Yes, yes. Nik, listen, obviously, our commitment to the energy category remains as solid as it was earlier. We continue to see this category as one that is growing and evolving and where we can play in multiple ways to capture subsegments that are starting to develop. The multi-approach that I've referred to in the past continues to be valid. So we're going to lead with Rockstar. And Rockstar, we're seeing several platforms in Rockstar there are starting to, again, hold, I would say, in nonsugar and some of the more functional beverages. So that's a big pillar.

是的是的。尼克，聽著，顯然，我們對能源類別的承諾仍然像以前一樣堅定。我們繼續將這一類別視為一個不斷發展和發展的類別，我們可以在其中以多種方式發揮作用，以捕捉開始發展的子細分市場。我過去提到的多重方法仍然有效。所以我們將與 Rockstar 一起領導。而 Rockstar，我們看到 Rockstar 的幾個平台再次開始持有，我想說的是，非糖和一些功能性更強的飲料。所以這是一個大支柱。

Second big pillar for us is our coffee business. Obviously, we're having double shot, triple shot and some additional innovation with Starbucks that it's clearly consumer preferred and continues to do very well.

我們的第二大支柱是我們的咖啡業務。顯然，我們正在與星巴克進行雙重、三重和一些額外的創新，這顯然是消費者的首選，並且繼續做得很好。

The third pillar is around our kind of flavor forward energy with Mountain Dew. And we're seeing Sports & Energy segment growing more and more in this category. And we have some big ideas on how some of our large brands can play in sports and energy in the future, surely the future.

第三個支柱是圍繞著我們的山露風味前行能量。我們看到體育和能源領域在這一類別中的增長越來越快。對於我們的一些大品牌在未來，當然是未來如何在體育和能源領域發揮作用，我們有一些重要的想法。

The distribution part has always been an additional opportunity. We have, as we were talking earlier, a very strong DSD system. And we can put brands in our business and provide unique distribution capillarity and execution. That's what we were intending with bank, relationship didn't start well from the beginning. Clearly, it was better to stop it because it has no long-term value for both of us.

分銷部分一直是一個額外的機會。正如我們之前所說，我們有一個非常強大的 DSD 系統。我們可以將品牌融入我們的業務，並提供獨特的分銷毛細作用和執行力。這就是我們與銀行的打算，關係從一開始就不是很好。顯然，最好停止它，因為它對我們雙方都沒有長期價值。

Now the financial implications are minor. It was never central to the energy strategy. and we continue to be open to other opportunities on distributing brands. That has always been a complementary part of the strategy. The big part of the strategy is, as I was saying, taking our brands and taking our innovation into new spaces and continue to disrupt this category, which is continuing to grow. The consumers like it. Consumers are looking for new benefits in that category. They're willing to pay reasonable prices, and that's not only the U.S. but it's internationally. And we see it as a big opportunity for PepsiCo today and into the future as well.

現在，財務影響很小。它從來都不是能源戰略的核心。我們繼續對分銷品牌的其他機會持開放態度。這一直是該戰略的補充部分。正如我所說，該戰略的重要部分是，將我們的品牌和創新帶入新的空間，並繼續破壞這個不斷增長的類別。消費者喜歡。消費者正在該類別中尋找新的好處。他們願意支付合理的價格，這不僅是美國，而且是國際上的。我們認為這對百事可樂今天和未來來說都是一個巨大的機遇。

Right. And Nick, as Ramon mentioned, financial impact, not material.

正確的。正如 Ramon 提到的，Nick 是財務影響，而不是物質影響。

Our next question comes from Kevin Grundy with Jefferies.

我們的下一個問題來自 Jefferies 的 Kevin Grundy。

Great. Ramon, I wanted to pivot to your business venture with Boston Beer and Hard Mountain Dew. Maybe just provide an update there how that relationship has progressed since the partnership was announced, your early learnings to date. And importantly, as you spend more time studying the alcohol space, maybe you can offer some updated thoughts on your broader ambitions to play a bigger role there, not only new product innovation, but also the potential to distribute non-PepsiCo products through your distribution.

偉大的。拉蒙，我想把重心轉向你與波士頓啤酒和硬山露水的商業合作。也許只是提供自宣布合作夥伴關係以來這種關係如何進展的最新信息，以及您迄今為止的早期學習。重要的是，隨著您花更多時間研究酒類領域，也許您可以提供一些更新的想法，說明您在該領域發揮更大作用的更廣泛野心，不僅是新產品創新，還有通過您的分銷渠道分銷非百事可樂產品的潛力.

Yes. Nothing has changed from the previous quarter when we talked about this topic as well. We've learned more. And we are probably more convinced of the potential of, as you were referring to, the Boston Beer partnership. I think we have great product that they have developed. We've licensed the brand to Boston Beer, and we're providing distribution in some states.

是的。當我們談到這個話題時，與上一季度相比沒有任何變化。我們學到了更多。正如您所說，我們可能更相信波士頓啤酒合作夥伴關係的潛力。我認為我們有他們開發的很棒的產品。我們已將該品牌授權給波士頓啤酒，並在一些州提供分銷服務。

Execution is very good. The product is turning very well, high share in those states. So it makes us feel positive about the potential of Hard Mountain Dew and the relationship with Boston Beer. They are great partners, and they have strong R&D capabilities and branding capabilities as they own the Hard Mountain Dew brand.

執行力非常好。該產品的銷售情況非常好，在這些州的份額很高。因此，這讓我們對 Hard Mountain Dew 的潛力以及與波士頓啤酒的關係感到樂觀。他們是很好的合作夥伴，擁有Hard Mountain Dew品牌，擁有強大的研發能力和品牌塑造能力。

Now going forward, obviously, we get encouraged by this, and we're working in multiple new innovations that will come to the market shortly. And from the distribution point of view, the same, as I said, with energy, we want to leverage our assets for distribution. We think in alcohol, we can bring new brands to the market.

現在展望未來，顯然，我們對此感到鼓舞，我們正在努力進行多項新的創新，這些創新將很快推向市場。從分銷的角度來看，正如我所說，我們希望利用我們的資產進行分銷。我們認為在酒精領域，我們可以將新品牌推向市場。

We don't want to be distributing a lot of brands. That's not our intention to have many, many brands and a very complex set of brands in our distribution. We'd rather focus on a few large consumer opportunities and put them through what is a very powerful DSD system. So that is the way we're thinking about our alcohol distribution, not a lot of brands, not distributing beer or anything like that, but just a few large consumer ideas that we can bring to the market through our system, which we think is an advantaged execution machine. And that's what we're proving with Hard Mountain Dew.

我們不想分銷很多品牌。這不是我們打算在我們的分銷中擁有很多很多品牌和一組非常複雜的品牌。我們寧願專注於一些大的消費者機會，並通過一個非常強大的 DSD 系統將它們放在一起。所以這就是我們考慮酒類分銷的方式，不是很多品牌，不是啤酒或類似的東西，而是我們可以通過我們的系統將一些大的消費者想法帶到市場上，我們認為是一個有優勢的執行機器。這就是我們用 Hard Mountain Dew 證明的。

Our next question comes from Vivien Azer with Cowen.

我們的下一個問題來自 Vivien Azer 和 Cowen。

I was hoping to dive into consumer preferences, please. You guys have been consistent in calling out your aspirations to drive portfolio mix shift over the long term to reduce fat with the sodium lower sugar proposition. But as I think back over the last 2.5 years, it seems like at the start of the pandemic, consumers were understandably really leaning into indulgent. So I'm curious whether you've seen any mean reversion in consumer preferences around health and wellness propositions within your portfolio?

我希望深入了解消費者的喜好，拜託。你們一直在呼籲推動投資組合長期轉變的願望，以通過鈉低糖主張來減少脂肪。但回想過去 2.5 年，似乎在大流行開始時，消費者真的傾向於放縱，這是可以理解的。所以我很好奇您是否看到您的投資組合中圍繞健康和保健主張的消費者偏好有任何均值回歸？

Yes. Vivien, I'll give you a few data so that helps you with the diagnostic. In beverages, nonsugar is growing 3 times the speed of full sugar. So that gives you a sense of how consumers are, in the U.S., are choosing with the choices. If you go more developed markets around the world like Western Europe, the categories are pivoting very quickly to nonsugar. In the U.K., for example, the nonsugar segment in beverages is already almost above 80% of the market. So clearly, in beverages, nonsugar is king. You see some of our innovations in the last couple of years with, for example, Gatorade Zero. That was -- it's a huge innovation. I think it's $1.5 billion in only 3 years and expansive to the category and recruiting new consumers into the brand.

是的。 Vivien，我會給你一些數據，以便幫助你進行診斷。在飲料中，非糖的增長速度是全糖的 3 倍。這樣一來，您就可以了解美國消費者的選擇方式。如果你去像西歐這樣的世界更發達的市場，這些類別正在迅速轉向非糖。例如，在英國，飲料中的非糖部分已經幾乎佔據了 80% 以上的市場份額。很明顯，在飲料中，無糖為王。您會看到我們在過去幾年中的一些創新，例如 Gatorade Zero。那是——這是一個巨大的創新。我認為這在短短 3 年內就達到了 15 億美元，並且擴大了該類別並為該品牌招募了新的消費者。

So nonsugar, I think, is unstoppable trend in the beverage category, something we're leaning in with our R&D, something we're leading in with our commercial strategy with the customers. Every brand has a nonsugar leg that is going to be the focus leg for the brand in the foreseeable future. So that is in beverages.

因此，我認為，無糖是飲料品類不可阻擋的趨勢，這是我們在研發方面的優勢，也是我們在與客戶的商業戰略中處於領先地位的東西。每個品牌都有一條非糖腿，在可預見的未來，它將成為該品牌的焦點腿。這就是飲料。

Obviously, you see other trends like functionality, consumers looking for additional functionality and willing to pay for that. But your question was more about health, sugar clearly being a dimension.

顯然，您會看到其他趨勢，例如功能性，消費者正在尋找額外的功能並願意為此付費。但你的問題更多是關於健康，糖顯然是一個維度。

Now in snacks, I think consumers are also voting with their money. So permissible snacks, what we call permissible snacks, which are the kind of baked or popped or kind of not fried snacks, they're growing much faster than fried snacks, so that we see that as well in that category.

現在在零食方面，我認為消費者也在用他們的錢投票。因此，可允許的零食，我們稱之為可允許的零食，即烘焙或爆米花或非油炸零食的種類，它們的增長速度比油炸零食快得多，因此我們在該類別中也看到了這一點。

We're seeing kind of more nutritious substrates growing faster than some of the more cereal-based substrates. But 1 trend we're seeing across is portion control. So a portion control is a huge consumer idea how we're eliminating some of the brakes, if you want, in consumers' mind to have higher frequency in our categories is portion control. We're seeing in snacks a huge growth on small format, multipacks or not only it's portion control but variety.

我們看到一種更有營養的底物比一些以穀物為基礎的底物生長得更快。但我們看到的一個趨勢是部分控制。因此，部分控制是一個巨大的消費者想法，我們如何消除一些剎車，如果你願意，在消費者心中，在我們的類別中有更高的頻率是部分控制。我們在零食中看到了小規格、多包裝或不僅是份量控製而且種類繁多的巨大增長。

And we're seeing that also in beverages where full sugar products are going to smaller portions, right, like mini cans or some other formats that give the consumer a little pleasure for -- without a lot of calories. So I would continue to bet long term on health being one of the vectors that consumers are choosing.

我們也在飲料中看到了這一點，其中全糖產品的份量越來越小，對，比如迷你罐頭或其他一些給消費者帶來一點樂趣的形式——沒有很多卡路里。因此，我將繼續長期押注健康是消費者選擇的載體之一。

There's also indulgent. Obviously, there's also functionality. There's also a social moment. There's a lot of vectors in our categories, And that's the beauty of our categories. They attract a lot of consumers because of the multiple occasions. But I will continue to bet on health being one of the vectors of choice for the consumer. And that's part of our innovation strategy and how we're trying to move the categories long term. And it's part of the success, if you think about the sodium reduction, the fad transformation, the sugar reduction in our products, a lot of the R&D investments we've been putting in the company in the last many years are starting to pay back in we're giving the consumer the option to make choices with no trade-offs in taste or any of the other key category choices here.

還有放縱的。顯然，還有功能。還有一個社交時刻。我們的類別中有很多向量，這就是我們類別的美妙之處。它們因多種場合而吸引了很多消費者。但我將繼續押注健康是消費者選擇的載體之一。這是我們創新戰略的一部分，也是我們試圖長期推動這些類別的方式。這是成功的一部分，如果你想想我們產品的鈉減少、時尚轉型、糖減少，我們在過去多年中投入公司的大量研發投資開始得到回報在我們為消費者提供了選擇，無需權衡口味或此處的任何其他關鍵類別選擇。

Our next question comes from Stephen Powers with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Stephen Powers。

Maybe going back to the higher top line that you're now seeing for the year. Could you maybe expand a bit more on that and talk about the incremental changes that have taken shape in your own expectations since last quarter? I guess would you frame the 2 points of organic growth upside more as volume or price/mix driven versus prior expectations? And maybe would you call any particular segments as more or less responsible, that would be helpful.

也許回到你現在看到的今年更高的收入。您能否對此進行更多擴展，並談談自上個季度以來您自己的預期已經形成的增量變化？我想你會將有機增長的 2 個點更多地描述為數量或價格/組合驅動而不是先前的預期嗎？也許你會稱任何特定的部分或多或少負責任，這會有所幫助。

And I know I'm only allowed 1 question. But Hugh, if I could, just going back to Bryan's question on second half cost. I wasn't fully clear on the answer, whether the maintained EPS in light of the better top line was really more conservatism in the face of volatility or if there were known pockets of higher costs you're now facing? And if it's the latter, if you could just be a little bit more specific there.

而且我知道我只能回答 1 個問題。但是休，如果可以的話，回到布萊恩關於下半場成本的問題。我對答案並不完全清楚，鑑於更好的收入，維持每股收益是否真的是在面對波動時更加保守，或者如果你現在面臨著已知的更高成本？如果是後者，如果你可以在那裡更具體一點。

Yes. Why don't I handle that piece first. And maybe Ramon and I can tag team your first question. The latter piece, as you know, Steve, we're never conservative. We try to be accurate here. That said, we also try not to miss numbers. So I think there is nothing new that we weren't aware of, frankly, a couple of months ago. So I don't think there's any incremental information that would cause us to be concerned about the back half.

是的。我為什麼不先處理那塊。也許拉蒙和我可以標記你的第一個問題。後者，如你所知，史蒂夫，我們從不保守。我們在這裡盡量做到準確。也就是說，我們也盡量不要錯過數字。因此，坦率地說，幾個月前，我認為沒有什麼新東西是我們不知道的。所以我不認為有任何增量信息會導致我們擔心後半部分。

Regarding your question around why is the revenue number higher, I think that the primary reason is given the unknowns around consumer elasticity, as we came out of the first quarter, we were quite pleased with where elasticity sat. But we still had 9 months left in the year, so we adopted a certain posture about the balance of the year.

關於你關於為什麼收入數字更高的問題，我認為主要原因是消費者彈性方面的未知數，當我們從第一季度出來時，我們對彈性所處的位置感到非常滿意。但是一年還剩下9個月，所以我們對今年的餘額採取了一定的姿態。

The second quarter is also held up from an elasticity perspective better than we thought, and we're sort of flowing that upside through. That said, the balance of the year, we still have 6 months to go. There's still plenty of unknowns in terms of what's going to happen with consumer behavior. We think we're well positioned, both from a customer perspective as well as from a consumer perspective. But we still have 6 months to go and consumers are still sort of absorbing the impact on inflation on their overall spending.

從彈性的角度來看，第二季度的表現也比我們想像的要好，而且我們正在推動這種上行空間。也就是說，今年的餘額，我們還有 6 個月的時間。就消費者行為會發生什麼而言，仍有很多未知數。我們認為，無論從客戶角度還是從消費者角度來看，我們都處於有利地位。但我們還有 6 個月的時間，消費者仍然在某種程度上吸收通脹對其整體支出的影響。

So I think -- I wouldn't characterize it as conservatism. I think we go through a lot of scenario planning. And the sum of those scenarios led us to choose higher on revenue but not yet higher on EPS.

所以我認為 - 我不會將其描述為保守主義。我認為我們經歷了很多場景規劃。這些情景的總和導致我們選擇更高的收入，但還沒有更高的每股收益。

Our next question comes from Kaumil Gajrawala with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Kaumil Gajrawala。

You've made a business decision, I guess, some years ago to own and retain the bottlers that you purchased, I guess, maybe 10-ish years ago. But if we are indeed in a very different inflationary environment, does that change how you think about how asset-light or asset-heavy you prefer the business to be?

我猜，您在幾年前做出了一個商業決定，要擁有並保留您購買的裝瓶商，我猜，可能是 10 年前。但是，如果我們確實處於一個非常不同的通貨膨脹環境中，這是否會改變您對您希望企業成為輕資產還是重資產的看法？

Yes. Kaumil, this is Ramon. No, listen, inflation will come and go. And the reason why we're keeping the bottling business integrated with the brand business is much more longer term than the, I don't know, the economic cycle that will leave for the next couple of years. It's a huge strategic decision that is more based on -- if you think about the consumer evolution and the shopper evolution and the way channels will evolve in the future, I think having an integrated brand to consumer value chain will give us flexibility and faster decision-making that we believe creates a lot of value for the company, right?

是的。考米爾，這是拉蒙。不，聽著，通貨膨脹會來來去去。我們將裝瓶業務與品牌業務整合在一起的原因比未來幾年的經濟周期要長得多，我不知道。這是一個巨大的戰略決策，更多地基於——如果你考慮消費者的進化和購物者的進化，以及未來渠道的進化方式，我認為擁有一個整合的品牌到消費者價值鏈將為我們提供靈活性和更快的決策- 我們認為，製作為公司創造了很多價值，對吧？

In the short term, yes, we'll have inflation in S&D and we'll have inflation in some of the manufacturing. But if you have a bottling system, that inflation happens anyhow. So your system still has that inflation. It's not like nobody is isolated from inflationary pressures. I mean your system consumer to kind of manufacturing to consumers still has that inflation.

在短期內，是的，我們將在 S&D 中出現通貨膨脹，我們將在某些製造業中出現通貨膨脹。但如果你有一個裝瓶系統，那麼通脹無論如何都會發生。因此，您的系統仍然存在通貨膨脹。並不是沒有人能與通脹壓力隔離開來。我的意思是你的系統消費者對消費者的製造仍然有通貨膨脹。

So we think, again, this is a very strategic decision we've made, thinking about the long term where consumer is going, where the shopper is going, where the retailers are going. We're going to fulfill demand in the future and where demand will be in the future, much more complex, much more long tail. There's a lot of things that we feel that we're going to be best positioned in the future. And we're talking about 5, 10 years from now to fulfill that demand in a much more integrated way from the brand to the consumer with all the value chain under one decision-making point.

因此，我們再次認為，這是我們做出的一個非常戰略性的決定，從長遠來看，考慮消費者的去向、購物者的去向、零售商的去向。我們將滿足未來的需求，未來的需求將在哪裡，更複雜，更長的尾巴。有很多事情我們認為我們將在未來處於最佳位置。我們談論的是從現在開始的 5 年、10 年，以一種從品牌到消費者的更加一體化的方式來滿足這一需求，並將所有價值鏈置於一個決策點之下。

Again, the economic cycles will differ. Now we'll have inflation. Maybe 3 years from now, we'll have deflation and we'll be -- so we're not thinking that short term for what is a huge business model decision.

同樣，經濟周期會有所不同。現在我們會有通貨膨脹。也許從現在開始的 3 年後，我們會出現通貨緊縮，而且我們會——所以我們不會認為短期內會做出巨大的商業模式決策。

Our next question comes from Brett Cooper with Consumer Edge.

我們的下一個問題來自 Consumer Edge 的 Brett Cooper。

From the data that we can see, your top line is benefiting by about 100 basis points from reductions in promotional depth and breadth. And that's not just short term. We've seen it over the last several years. And we can obviously see part of your business. So I was hoping that you could speak to the benefits from promotional optimization across your business. What's enabling that realization? And then given the enormous size of promotional spend in your business, what's the potential is for promotional optimization over the medium term?

從我們可以看到的數據來看，您的收入受益於促銷深度和廣度的減少約 100 個基點。這不僅僅是短期的。在過去的幾年裡，我們已經看到了它。我們顯然可以看到您的部分業務。所以我希望你能談談整個企業的促銷優化帶來的好處。是什麼促成了這種認識？然後考慮到您的業務中促銷支出的巨大規模，中期促銷優化的潛力是什麼？

Yes. It's great question. And if you think about that we're looking at all the costs in the company, the cost to fulfill demand, the cost to generate demand, we're looking at higher return on investment across all the costs that we have in the business. Obviously, the one you're referring to along with our marketing investments are the 2 big demand creation budget. We're looking at optimizing those investments both on the consumer side and on the consumer customer side. And that has been a journey. It has been done through much more intelligence, through much more data, much better precision decisions in that space, along with our customers. And that is a journey that I would see as a continuous journey to optimize all the budgets that we have in the company to maximize returns.

是的。這是個好問題。如果您考慮一下，我們正在考慮公司的所有成本，滿足需求的成本，產生需求的成本，我們正在考慮在我們業務中的所有成本中獲得更高的投資回報。顯然，您與我們的營銷投資一起指的是 2 大需求創造預算。我們正在考慮在消費者方面和消費者客戶方面優化這些投資。那是一段旅程。它是通過更多的智能、更多的數據、在該領域更精確的決策以及我們的客戶來完成的。這是一段我認為是優化公司所有預算以最大化回報的持續旅程。

So trade budget, as you say, is a large budget. We're going to continue to optimize it and maybe move those resources to some other areas where we can get better demand generation, right? And we'll do that in partnership with our customers and to the spirit of creating growth for the category as we've had in the past, yes.

因此，正如您所說，貿易預算是一個很大的預算。我們將繼續優化它，並可能將這些資源轉移到我們可以更好地產生需求的其他領域，對吧？我們將與我們的客戶合作，本著為該類別創造增長的精神，就像我們過去所擁有的那樣，是的。

Our next question comes from Chris Carey with Wells Fargo.

我們的下一個問題來自富國銀行的 Chris Carey。

So just a couple of questions on some of these more topical markets. I guess just in Europe, if anywhere, this is where elasticity seems to be playing out. Are we finally seeing the consumer coming down a bit here? As pricing has built, are there other factors in play beginning to impact volumes, whether supply chain, product availability, basically anything else besides pure consumer elasticity?

因此，僅針對其中一些更熱門的市場提出幾個問題。我想只是在歐洲，如果在任何地方，這就是彈性似乎正在發揮作用的地方。我們終於看到消費者在這裡有所下降了嗎？隨著定價的建立，是否還有其他因素開始影響銷量，無論是供應鏈、產品可用性，還是除了純粹的消費者彈性之外的其他因素？

And then just in China, despite lockdown, still another strong number. Can you maybe just give us a sense of what's going on, on the ground in China to continue to deliver this level of growth?

然後就在中國，儘管有封鎖，但仍然是另一個強勁的數字。您能否讓我們了解正在發生的事情，在中國繼續實現這種增長水平？

Yes. Good. Listen, Europe, obviously, has been impacted by -- more than other parts of the world by, I would say, the war, so our business has been impacted both in Ukraine and Russia. Ukraine, because obviously, we had to stop a lot of our manufacturing and commercial activities as reflected in our performance in Europe. And also in Russia, given the commitments we made to stop our beverage, some of our beverage, large brands and also stop advertising and promotion of our more essential food brands. So clearly, that's part of the reason why the European business has been impacted.

是的。好的。聽著，顯然，歐洲比世界其他地區更受戰爭的影響，所以我們的業務在烏克蘭和俄羅斯都受到了影響。烏克蘭，因為很明顯，我們不得不停止許多製造和商業活動，這反映在我們在歐洲的表現中。同樣在俄羅斯，鑑於我們承諾停止我們的飲料、我們的一些飲料、大品牌，並停止對我們更重要的食品品牌的廣告和促銷。很明顯，這就是歐洲業務受到影響的部分原因。

With regards to China, clearly, the lockdowns are impacting the operation of the business. So our team has been incredibly agile to make the right pivots in how we are continuing to produce our snacks or our beverages. And we've been able to more or less manage that in what is an incredibly challenged situation to get raw materials and to get products out to consumers. We're doing that probably better than other companies, and that's why we're gaining share dramatically. That's the reason why our business is growing very fast.

就中國而言，很明顯，封鎖正在影響企業的運營。因此，我們的團隊非常敏捷，能夠在我們如何繼續生產零食或飲料方面做出正確的調整。在獲取原材料和將產品提供給消費者的極其困難的情況下，我們已經或多或少地做到了這一點。我們在這方面可能比其他公司做得更好，這就是我們大幅增加份額的原因。這就是為什麼我們的業務增長非常快的原因。

Now if you think about the beverage business, there has been an impact to the consumption of the beverage business in away from home. So as consumers have obviously stayed more at home, there has been an impact in the last few months in that particular channel, not so much in the foods business. We're seeing both our Quaker business and our snack business continue to grow very fast. A bit less on the beverage side of the business, basically because of the away-from-home impact. In-home consumption of beverages continues to be quite strong.

現在，如果您考慮飲料業務，那麼在家外的飲料業務的消費就會受到影響。因此，由於消費者顯然更多地呆在家裡，過去幾個月對該特定渠道產生了影響，而在食品行業則沒有太大影響。我們看到我們的貴格會業務和零食業務都繼續快速增長。業務的飲料方面少了一點，主要是因為離家的影響。飲料的家庭消費繼續相當強勁。

Our last question comes from Peter Grom with UBS.

我們的最後一個問題來自瑞銀的 Peter Grom。

I hope you're doing well. So I was hoping to follow up on Nik's question. around the energy portfolio. So Ramon, you mentioned the willingness to leverage your distribution assets. But I would be curious if there are any major takeaways from the relationship with them that kind of informed your view on how you think about these agreements moving forward. And then just any thoughts around timing, I guess. Is it a near-term focus to kind of find a new brand to fill that void? Or is this something you think about opportunistically over time?

我希望你一切都好。所以我希望跟進 Nik 的問題。圍繞能源組合。所以拉蒙，你提到了利用你的分銷資產的意願。但我很好奇與他們的關係是否有任何重要的收穫，這讓你對這些協議的進展有何看法。然後是關於時間的任何想法，我猜。尋找一個新品牌來填補這一空白是否是近期的重點？或者這是你隨著時間的推移機會主義地考慮的事情？

Yes. Listen, Peter, I think, as I said, the distribution part of the energy strategy is very marginal in one way or another. It's not the core part of the strategy. We continue to lean into our brands. We have very strong brands in our portfolio that I think as we see the category evolving, we're going to be able to play in those new spaces and capture market share looking forward and where the consumer is going.

是的。聽著，彼得，我認為，正如我所說，能源戰略的分配部分在某種程度上是非常邊緣化的。這不是戰略的核心部分。我們繼續關注我們的品牌。我們的產品組合中有非常強大的品牌，我認為隨著我們看到類別的發展，我們將能夠在這些新空間中發揮作用，並在未來和消費者的發展方向上佔據市場份額。

So again, I'll repeat, in Rockstar and some parts of Rockstar where we're seeing a lot of consumer pool, especially nonsugar and some of the more functional Starbucks coffee forward, flavor forward with Mountain Dew. And as I said, we see sports and energy as a big space where we can capture with some of our large brands in that space and innovation will be coming into the market soon. Those are the main -- you think about our strategy and we might evolve that strategy with new spaces and how our brands can go there, that's our core of the strategy. Then leveraging our assets for distribution is marginal.

所以，我再重複一遍，在 Rockstar 和 Rockstar 的某些地方，我們看到了很多消費者群體，尤其是無糖和一些功能更強大的星巴克咖啡前鋒，以及激浪的味道。正如我所說，我們將體育和能源視為一個很大的空間，我們可以在這個空間中與我們的一些大品牌一起佔領，創新將很快進入市場。這些是主要的——你想想我們的戰略，我們可能會用新的空間來發展這個戰略，以及我們的品牌如何去那裡，這是我們戰略的核心。那麼利用我們的資產進行分配是微不足道的。

To your question on [Bang], you need to have good long-term partnership for the relationship to work. That didn't exist, so we're turning the page.

對於你關於 [Bang] 的問題，你需要有良好的長期合作夥伴關係才能發揮作用。那不存在，所以我們正在翻頁。

Last question, right? So thank you, everyone, for joining us today. And I know it's summer and everybody has a lot of things to do. And then obviously, for the confidence that you're all placing with your investment in PepsiCo. We hope that you guys are safe and healthy and enjoy the summer.

最後一個問題，對吧？所以，謝謝大家今天加入我們。我知道現在是夏天，每個人都有很多事情要做。然後很明顯，為了你們對百事可樂投資的信心。我們希望你們安全健康，享受這個夏天。

Ladies and gentlemen, this does conclude today's presentation. You may now disconnect, and have a wonderful day.

女士們，先生們，今天的演講到此結束。您現在可以斷開連接，度過美好的一天。